Financial Inclusion for Newcomers
Newcomers face unique financial challenges, particularly when you have recently arrived to the United States. Establishing a secure financial foundation is critical to providing for your family and accomplishing your life goals in a new country. The San Francisco Office of Financial Empowerment (OFE) and Office of Civic Engagement and Immigrant Affairs (OCEIA) created this guide to share options to increase financial inclusion.
Download our informational flyers in English, Spanish, Chinese, Tagalog and Russian.
Free Financial Counseling
San Francisco Financial Counseling provides free, confidential, one-on-one financial guidance to anyone who lives, works, or receives services in San Francisco, regardless of immigration status. Specially trained and certified financial counselors can support you to navigate the safest ways to handle your money, budget, and plan for emergencies.
Counselors can provide sessions in English, Spanish, and Mandarin as well as access interpretation services for any other languages.
Learn more. Schedule an in-person or virtual appointment here: www.sfgov.org/ofe/counseling.
Bank Accounts
A bank account gives you a safe place to store your money for expenses and emergencies. You can cash your checks with the bank instead of using check cashing services to avoid their high fees. You may be able to work with your employer to set up direct deposit of your paychecks into your bank account, so that the funds are available to you more quickly and reliably. You may also be able to link it with apps to make and receive payments.
Bank On San Francisco helps you find a safe, affordable bank account. It doesn't matter how much money you have, if you don't have a social security number or California ID, or if you've had trouble banking in the past. Bank On San Francisco accounts feature no overdraft or other hidden fees, minimum opening deposits of $25 or less, no required minimum balance, online and mobile banking, and low monthly fees of $10 or less.
Help is available. A financial counselor can support you to find a safe and affordable bank account that meets your needs. Schedule a free, confidential appointment here: https://www.sfgov.org/ofe/counseling.
You can also check out the Bank On SF website to 1. Compare bank accounts, 2. Gather the required documents, and 3. Open an account online or at a bank branch near you.
ITINs & Filing Taxes
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) for those not eligible for a Social Security Number. ITIN holders can report their earnings to the IRS, open interest-bearing bank accounts with certain banks, and conduct business in the United States. Tax returns can be an important record to show when applying for a loan or college financial aid. Some ITIN filers may also be eligible for tax refunds.
Learn more. The IRS website provides basic guidance about ITIN applications. Although there is no application fee, applicants typically need to send their original identifying documentation, such as a passport, to the IRS. Alternatively, a Certifying Acceptance Agent can help file an ITIN application using copies of identifying documents instead of originals.
For free assistance learning about and applying for an ITIN and filing your taxes, you may contact community-based organizations who are Certifying Acceptance Agents in SF, including the Mission Economic Development Agency (fintax@medasf.org, or (415) 282-3334) or the Chinese Newcomers Service Center (cnsc@chinesenewcomers.org or (415) 421-2111). Additional Certifying Acceptance Agents located at free tax sites are listed here.
Credit
Your credit score is an important piece of your financial profile. Establishing credit and building a strong credit score will give you access to qualify and receive lower interest rates on loans and credit cards. In some instances, credit score is an important factor that landlords and employers review when you apply for housing and jobs. Note, there are steps you can take to transfer the credit history that you have built from your ITIN to a Social Security Number.
Resources are available. You can begin to build your credit in a number of ways...You can use a credit building product specifically designed to establish and improve your credit score, such as Self Help Federal Credit Union’s Credit Builder Loans. There are resources available through community organizations, such as Mission Asset Fund’s Lending Circles. In some cases, you may even be able to transfer your credit history from your country of origin to the United States using Nova Credit. For support and guidance on building credit for your specific situation, you can set up a free appointment with a financial counselor through the Office of Financial Empowerment.
Help and Support
As noted above, San Francisco Financial Counseling provides free, confidential, one-on-one counseling. Certified financial counselors can support you to identify and open safe and affordable bank accounts, to build savings, to reduce or manage debt, to establish or build credit, and to plan for an emergency. Sessions are available in English, Spanish, and Mandarin. Interpretation services are available for any other languages.
Schedule an in-person or virtual appointment at www.sfgov.org/ofe/counseling.
Find free or low-cost immigration legal services in your own language from an organization near you. Find out more here: www.immigrants.sfgov.org
If you currently live in San Francisco, you can get a free SF City ID Card, which is a valid form of ID and is recognized by local government agencies. Anyone living in San Francisco can apply regardless of immigration status. For more information, visit: Get a free SF City ID Card | San Francisco.
Watch Out!
Alternative financial services that are not provided through a bank, such as check cashers and pay day lenders, can charge extremely high fees and interest rates. If you can, avoid using check cashers and use a local bank or credit union instead. If you do need a quick, relatively small loan to get you through to your next paycheck, view this guidance as you look through your options.
Be careful, there are financial scams that specifically target immigrants. In San Francisco, we have seen fraudulent immigrant consultants, financial investments, tax services and online travel companies. The U.S. Federal Trade Commission offers trusted consumer advice about scams. If you believe you are the victim of a scam, we encourage to contact the SF City Attorney's Office via an online portal at sfcityattorney.org and the FTC at reportfraud.ftc.gov.